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DRI Healthcare Trust (DHT-UN) investor relations material

DRI Healthcare Trust Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Achieved strong portfolio performance with growth across all key financial metrics and a focus on resilient, diversified cashflow streams extending portfolio duration.

  • Completed internalization of investment management, paying a $48 million termination fee and acquiring assets from Persis Capital for $1 million.

  • Completed a synthetic royalty transaction on veligrotug and VRDN-003, with an aggregate deal value up to $300 million and $55 million deployed upfront.

  • Continued execution of NCIB program, repurchasing 1,351,897 units for $13.2 million in the nine months ended September 30 and 393,618 units for $4.1 million in Q3 2025.

  • Portfolio generated total income of $48.7 million and adjusted EBITDA of $36.7 million for Q3 2025.

Financial highlights

  • Total Cash Receipts for Q3 2025 were $43.6 million, up 12% year-over-year.

  • Total Income reached $48.7 million, a 17% increase over Q3 2024.

  • Adjusted EBITDA was $36.7 million, up 17% year-over-year, with an Adjusted EBITDA Margin of 84%.

  • Adjusted Cash Earnings per Unit were $0.55, and declared cash distributions per unit were $0.10.

  • Comprehensive loss: $57.7 million, primarily due to the $48 million termination fee.

Outlook and guidance

  • Robust pipeline of over $3 billion in potential opportunities under active evaluation as of September 30, 2025.

  • Anticipates first royalty receipts from veligrotug following its first commercial sale in the US.

  • Expects topline results from VRDN-003 phase 3 trials in H1 2026, with potential BLA submission by end of 2026.

  • Focus remains on long-term, sustainable growth and generating strong unitholder returns.

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Frequently asked questions

DRI Healthcare Trust is a specialty finance company focused on investing in healthcare royalties. The company acquires and manages royalty streams and other income-generating assets associated with pharmaceutical and biotechnology products. By partnering with healthcare innovators, DRI Healthcare Trust provides funding while benefiting from long-term revenue derived from global drug sales. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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